Undeniably, cybercrime is a growing threat. Some may believe cyber fraud or scams catch only vulnerable high-tech companies, but this isn’t the case. The growing influence of cybercriminal activities is hurting both large corporations and SMEs. In some cases, SMEs (small and medium enterprises) are more vulnerable to cyber-fraud. They are the favorite playground for most cybercriminals, especially those who are just starting their hacking careers.

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Gone are those days when pro-level hackers could be counted in numbers in the US. Now, every con artist is chasing after his/her secret intentions to earn more at their convenience and comfort. The thing is, with rising scope and opportunities in the cyber world, many people have landed into the hacking industry for expecting to have a safe and lucrative career that the industry has to offer. The cyber-world is full of crimes and cybercriminal activities. If you get to know the dark side of the cyber world, you will probably never start a business, or you might feel encouraged and tempted to stop using the internet entirely.

Protecting yourself from fraud or cybercrime has become increasingly challenging over the past decade or so. Surprisingly, hackers and cybercriminals will exploit any opportunity at hand and will hurt you financially. Their sharp brains get them going, and one successful hacking endeavor means more attempts of cyberattacks in the future. This indicates that businesses will continue to face cyber threats, which means they are never safe from the vicious eyes of cybercriminals. From solo con artists to highly organized crime syndicates, cybercriminals are inventing new ways to steal essential information companies have in their databases.

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To make a long story short, cybercriminal activities can be reduced up to a great extent through various ways and means. There are countless ways by which they can be stopped. Every organization having an online presence needs to make a realistic analysis of the company, and identify loopholes that can cost them their competitive advantage and reputation in the market. The most recent example of a cyber-fraud could be ‘WannaCry ransomware’ that was found to be very costly for businesses. It affected thousands of companies globally in more than 120 countries and cost companies billions of dollars’ worth of business data.

What Are The Most Common Things Cybercriminals Want To Steal From You?

Cybercrime could be any nature, type, and scope, and cybercriminals would likely steal valuable data from the company’s servers. Mostly what they steal is vendor details, trade secrets, bookkeeping and accounting records, banking details and personal and sensitive stakeholders’ information, etc. Since the primary motivation behind stealing the money is money, there are two ways by which they can acquire money. 1) Either through handing back the stolen data for ransom or 2) selling valuable data to competitors and other interested parties on the dark web for money. Check out America's Best Bookkeepers

What Else To Do To Protect Yourself from Fraud and Cybercrime?

To protect yourself from potential cyber threats and viruses, you need to either buy a full-service internet security package or install advanced antivirus software. Also, you need to encourage your staff to use strong passwords and motivate them to shut down their computers before leaving the office premises. What more you can do is upgrade your system, servers, and networks and keep all your software updated and well secured against emerging threats.

Cybercrime is a menace that is hurting the entire world. Globally, businesses, regardless of their size and scale, lose trillions of dollars each year to a different level of cyber fraud and data breaches. This means companies need to come up with effective cyber prevention strategies to protect their valuable business data from leaving their servers. This way, they will initiate a culture of cybersecurity and discourage cybercriminals from stealing from you.

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